NEW YORK, Jan. 17, 2014 /PRNewswire/ -- RCS Capital Corporation ("RCAP") (NYSE: RCAP) announced today that it has entered into an agreement to purchase J.P. Turner & Company, LLC, an independent brokerage and investment banking firm, and its affiliated investment advisory company, J.P. Turner & Company Capital Management, LLC (collectively, "J.P. Turner").
Following the acquisition, J.P. Turner will become part of the independent financial advisor network at RCAP and will complement and help to further diversify RCAP's revenue base, which presently is derived from its wholesale distribution business, investment banking and capital markets services activities, investment management work, and transaction management and transfer agency lines of business.
Nicholas S. Schorsch, Executive Chairman of RCAP, commented, "The acquisition of J.P. Turner, one of the finest independent retail broker-dealers in the nation, represents another important step in realizing RCAP's strategic vision to become the leading financial services firm focused on the direct investment sector. This transaction further expands our network of quality broker-dealers and financial advisors and provides enhanced value for our stockholders. We believe that J.P. Turner both complements our existing wholesale distribution brokerage business and enhances the ability of RCAP to successfully meet the needs of our retail investors."William M. Kahane, Chief Executive Officer of RCAP, commented, "J.P. Turner offers its investor clients a compelling mix of leading-edge technology, access to incisive third-party research, and top performing non-proprietary investment products. With the acquisition of First Allied Securities by RCAP Holdings alongside RCAP's previously announced and pending acquisitions of Investors Capital Holdings, Summit Financial Services, Cetera Financial Group and now J.P. Turner, we find ourselves well positioned to marry the strengths and resources of Wall Street with the values and perspectives of Main Street." William L. Mello, Co-Founder of J.P. Turner, commented, "We could not be more excited to join the RCAP family of companies. RCAP's distinguished management team, clear commitment to the independent broker-dealer channel, and dedication to, above all else, putting investors first, make this a great day for everyone at J.P. Turner." "We are extremely pleased to have the opportunity to partner with RCAP, while maintaining our current operating structure," commented Timothy W. McAfee, Co-Founder of J.P. Turner. "We are excited about the opportunities this relationship will provide our representatives, their clients and the firm's employees." The transaction is expected to close later in 2014 and is subject to certain regulatory approvals and filings and certain customary and other closing conditions, including completion by RCAP of its pending acquisition of Cetera Financial Holdings, Inc.